Does Mom Know Best About Money?

Moms Top the List as Financial Role Models

Just in time for Mother’s Day, Citibank’s Women and Co. has come out with the findings of a new survey about moms and money.  Apparently, in addition to the countless other roles moms take on, they are also often seen as the Chief Financial Officers of the household.  So, make sure to thank Mom this weekend for taking multi-tasking to the next level!

Mom’s Influence Matters Most

The Citibank survey found that more Americans (35%) cite Mom as CFO than Dad (30%).  Americans also identify more with their mother (38%) than their father (34%) regarding most financial matters.

According to our Fab friend Linda Descano, CEO of Women and Co, “Whether moms realize the impact they are having or not, women are setting an example today for their children’s financial habits later in life.”  Yes, we know – just one more thing for you to add to your already full plate of responsibilities!

Money Memories of Mom

When it comes to memorable conversations with mom, the topic of money and finances (44%) came in a close second to dating and marriage (46%).  In fact, Americans say they remember these conversations well into adulthood – so, moms – choose your words wisely!  It’s easy to think your little one never really listens to you anyway, but as most of us know – it’s pretty incredible which nuggets of info they choose to hold on to.

Age Appropriate Money Talk

What age do you recall first talking to your mom about money?  Respondents to the survey said though 72% percent remember having a financial discussion with their mom by the end of high school, those numbers drop significantly when you look at the younger years…

27% of those polled said they recall talking to mom about finances in grade school, and 20% in middle school.  As a mom, one major idea I took away from this survey is that I want to be having memorable financial discourse with my children starting for sure in grade school – not just later on!

Start the Conversation While Their Young

Okay, so how do you start a financial convo with a young child?  And is it even worth the trouble?  According to Children’s Financial Network founder Neale Godfrey, when children can express the concept of ‘I want’ they are old enough to start a financial conversation. In most cases, this is around age three if not earlier!

Your 5 year old doesn’t have to be a junior Warren Buffet to start understanding the basics of saving and investing.  Rather than just saying “NO” the next time your little angel asks for another Bakugan, turn it into a teachable moment. Even by laying out a way for your kindergartener to earn some money around the house and save to buy his own toy, you will have started a valuable financial conversation at a young age!

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One Response to “Does Mom Know Best About Money?”

  1. Karen says:

    How true!!…great advice

Any Thoughts?